Cuban Convertible Peso


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Cuban Convertible Peso

One of two currencies in Cuba. It is pegged to the U.S. dollar at a one-to-one ratio, meaning that one could present one convertible peso to the Central Bank of Cuba and redeem it for one dollar. Because the other currency in Cuba, the Cuban peso, is an inconvertible currency, the convertible peso is Cuba's only point of access to international foreign exchange markets.
References in periodicals archive ?
Legal access to hard, foreign currency as well as to Cuban convertible pesos is however still difficult and restricted to those Cubans who work in the tourist industry or are self-employed.
However, the Castro government has since decided that the official tourist currency - that is to say, the cash you'll use in shops, bars and restaurants and to pay for taxis - is the Cuban Convertible Peso, CUC.
I exchanged my Euros to Cuban Convertible Pesos at the airport at a total loss of about 15 percent over the value of my dollars in the US.
We are told five Cuban convertible pesos (about U$5.
A quick search in August turned up a classic '57 Chevy Bel Air "todo original" and a '53 Ford Victoria with an asking price of 9,000 Cuban convertible pesos, or about $9,700.
Today, Western Union has more than 220 Agent locations in Cuba and pays consumer money transfers in Cuban Convertible Pesos across Cuba.
Treasury Department's Office of Foreign Assets Control to begin paying out money transfers in local Cuban convertible pesos (CUCs).
Nevertheless, the same decree stipulated that contracts must be paid for in Cuban Convertible Pesos, a currency which, in spite of a thriving black market, is officially only available to foreigners.
or Canadian dollars, euros, British pounds and Swiss francs--though all prices are set in Cuban convertible pesos, pegged at US$1.